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Behind Carlyle Group’s Rising ENI

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EPS estimates

In 2Q17, Carlyle Group (CG) posted strong ENI (economic net income) of $300 million, which reflects a substantial increase over its $158 million in 2Q16. Carlyle reported EPS (earnings per share) of $0.59 in 2Q17 and beat the estimate of $0.41.

The company posted revenues of $908.4 million in 2Q17, beating the estimate of ~$683.3 million. In 2Q17, Carlyle managed to raise $8.4 billion in funds.

Carlyle saw a marginal increase in its investment income, which stood at $31 million, compared with $29 million in 2Q16. CG reported net performance fees of $299 million in 2Q17, compared with $115 million in 2Q16.

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CG’s revenue per share

On a TTM (trailing-12-month) basis, Carlyle saw revenue per share of $37.51, which was higher than its peers. The revenue per share of alternative asset manager peers (XLF) on a TTM basis are as follows:

  • Apollo Global Management (APO): $11.86
  • KKR & Company (KKR): $11.70
  • Blackstone (BX): $9.65
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